US real-estate concern goes global
Trouble was brewing in the US commercial real-estate sector, Guy Debelle, an assistant governor of the Reserve Bank of Australia, said in a speech on Tuesday.
Debelle said that while large financial institutions were capable of absorbing large writedowns through capital raising and other such measures, the "second tier and beyond" of the financial system was still being hit with losses it might not be able to handle. "This lower tier, which is a sizeable share of the US financial sector, has
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